NEWARK, Del, March 06, 2024 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI), the degaussing system market is expected to be valued at US$ 647.5 Million by 2024. The market valuation is estimated to be US$ 925 Million by 2034, projected at a CAGR of 3.6%. Advanced materials might be incorporated into future degaussing systems to reduce magnetic signatures. Various naval vessels could be made from these materials, which would make them more efficient and lightweight.
Automating and integrating degaussing systems could make them more sophisticated. System integration would enable real-time adjustments based on changing operational conditions, making these systems more seamless. Adaptive degaussing might be included in future systems, in which the settings are dynamically adjusted in response to the vessel's magnetic signature. In situations where the magnetic environment is variable, this could improve degaussing's overall effectiveness.
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Degaussing systems may be miniaturized and reduced in weight through research and development. This technology provides effective degaussing for smaller ships or vessels with limited space, which is essential. Degaussing systems that are compact and lightweight have made significant advances in recent years. The installation of these systems on naval vessels is more flexible and requires less space, making it easier to incorporate into the design of modern ships.
Energy efficiency could be prioritized in future systems, utilizing advances in power management for reduced degaussing energy consumption. In addition to reducing a vessel's magnetic signature, degaussing systems can be used in conjunction with other stealth technologies. Simulations and computational modeling could improve the accuracy of magnetic signature predictions. As a result, degaussing strategies could become more precise and effective.
Key Takeaways from the Market Study:
- Japan is projected to reach a market value of US$ 101.8 Million by 2034.
- The medium vessel segment is registered to expand at 3.4% CAGR by 2034.
- The United Kingdom is estimated to register at a CAGR of 5% by 2034.
- China experiences significant growth, projected at a CAGR of 4.4% by 2034.
- Based on the solution, the degaussing segment is anticipated to expand at 3.2% CAGR by 2034.
“With more investment being made in modernizing naval fleets, degaussing systems may become more popular as a way to protect ships,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape:
A mix of global and regional players characterizes a degaussing systems market competition. These companies use strategic partnerships and mergers to gain market share and meet consumer preferences by leveraging product quality, product design innovation, and pricing strategies.
Some of the key developments are:
- In January 2022, AMSC, successfully delivered a superconductor-based ship protection system for the USS Fort Lauderdale (LPD-28). The delivery of this ship protection system marks the first of four contracts to be awarded to AMSC for the San Antonio Class Amphibious Ship platform. LPD 28 will be equipped with SPS, which AMSC is expected to support. USS Fort Lauderdale. (LPD-28) is the 12th, and last, of the USS San Antonio-class amphibious transport dock ships.
- In August 2023, Indonesian Navy (TNI AL) was the recipient of two mine countermeasures vessels (MCMV), KRI Pulau Fani (731) and KRI Pulau Fanildo (732). For mine-hunting missions, their magnetic signature is reduced by their own degaussing system, which is made from non-magnetic steel. Additionally, both vessels have electric propulsion systems in order to minimize their acoustic signature.
Key Companies Operating in the Industry:
- LARSEN & TOUBRO LIMITED
- Polyamp AB
- Wärtsilä Ultra
- ECA GROUP
- IFEN S.p.a
- Dayatech Merin Sdn Bhd
- American Superconductor
- STL Systems AG
- Surma Ltd
- L3Harris Technologies Inc.
More Valuable Insights Available:
Future Market Insights offers an unbiased global degaussing system market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand market opportunities, the degaussing system market is segmented based on vessel type (medium vessel, large vessel, small vessel), solution (degaussing, deperming, ranging), end-user (original equipment manufacturer (OEM), services, aftermarket) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa).
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Degaussing System Market Segmentation Analysis:
By Vessel Type:
- Medium Vessel
- Large Vessel
- Small Vessel
By Solution:
- Degaussing
- Deperming
- Ranging
By End-User:
- Original Equipment Manufacturer (OEM)
- Services
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About the Industrial Automation Division at Future Market Insights:
The industrial automation team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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